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Pastimes : SI vs. iHub - Battle of the Boards Part 2 -- Ignore unavailable to you. Want to Upgrade?

To: (Bob) Zumbrunnen who wrote (2638)	5/25/2001 9:15:50 PM
From: Don Pueblo	Respond to of 5315

Penny stock traders, touts, and the rest know that most people don't bother to find out what the OTCBB market is. It's a tough navigation on the Nasdaq site, and when you find it, it's via the "Nasdaq Related Sites" link... nasdaq.com ...and that takes you to the OTCBB site, where you have to roam around for some small print... otcbb.com It is important to note that the NASD has no regulatory authority over OTC Bulletin Board issuers. The NASD's responsibilities include establishing rules governing its broker/dealer members' business conduct; setting qualification standards for securities industry professionals; examining members for their financial and operational condition as well as their compliance with appropriate rules and regulations; investigating alleged violations of securities laws; disciplining violators of applicable rules and regulations; and responding to inquiries and complaints from investors and members. Due to the high level of risk involved in investing in Penny Stocks, the SEC created Rule 15g-2, which makes it "unlawful for a broker or dealer to effect a transaction in any penny stock for or with the account of a customer unless, prior to effecting such transaction, the broker or dealer has furnished to the customer a document containing the information set forth in Schedule 15G, Rule 15g-100, and has obtained from the customer a manually signed and dated written acknowledgement of receipt of the document." (SEC Rule 15g-2(a), Risk Disclosure Document Relating to the Penny Stock Market) The OTCBB is a quotation medium for subscribing members, not an issuer listing service, and should not be confused with The Nasdaq Stock Market. There are no minimum quantitative standards which must be met by an issuer for its securities to be quoted on the OTCBB; however, the new Eligibility Rule limits quotations on the OTCBB to the securities of issuers that are current in their reports filed with the SEC or other regulatory authority. Issuers do not have any filing or reporting requirements with The Nasdaq Stock Market, Inc., or the NASD. Market Makers will be required to provide the periodic financial reports filed by OTCBB issuers with the SEC or other regulatory authorities pursuant to the Eligibility Rule. Nasdaq has no business relationship with the issuers of securities quoted on the OTCBB. Investors must contact a broker/dealer to trade OTCBB securities. Investors do not have direct access to the OTCBB service. The Securities and Exchange Commission's (SEC's) Order-Handling Rules which apply to Nasdaq-listed securities do not apply to OTCBB securities. It makes one wonder why the Nasdaq site doesn't make the distinction more clear, or even mention the fact that they have no business relationship with the people that issue BB stock, does it not? And I didn't even mention... pinksheets.com